the smoke would most probably be from the old turbo, if the seals had gone then it will probably dump oil down the exhaust, this will eventually burn of with use.
the hot/cold hoses depends on how long you had the car running, thermostat will open when the car is upto normal operating temp. you can remove it and test it in a kettle of boiled water to see if it opens, or like pulsarlee said remove it and run the car to check the circulation.
the hot/cold hoses depends on how long you had the car running, thermostat will open when the car is upto normal operating temp. you can remove it and test it in a kettle of boiled water to see if it opens, or like pulsarlee said remove it and run the car to check the circulation.